The Financial Intelligence Authority (FIA) says it is encountering difficulty in tackling money laundering because launders are now opting for non-traceable transactions.
The Authority recently announced that car dealers would be required to register with it, in a move to curb laundering in the business.
In addition, the authority is targeting persons involved in trading with cryptocurrencies.
The Anti-Money Laundering Act, 2013 mandates the authority to register all accountable persons who are then obliged to submit reports on their transactions, and cases of suspected money laundering and terror financing.
FIA Executive Director Sydney Asubo says trends are changing as more launders avoid the official banking system which will, in most cases, avoid suspicious funds.
Asubo says there is an increase in the number of untraceable money transfer channels, complicating the fight against Money Laundering.
